2015-036 - Turner Industries tax abatement

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(b) That the boundaries of the reinvestment zone shall be the area described and depicted in Exhibit "A" which is attached hereto and incorporated herein by reference; (c) That the creation of the reinvestment zone for tax abatement with boundaries as described and depicted in Exhibit "A" will result in benefits to the City and to the land included in the Reinvestment Zone and the improvements sought are feasible and practical; (d) That the Reinvestment Zone, as described and depicted in Exhibit "A ", satisfies the criteria for creation of a Reinvestment Zone as set forth in Section 312.202 of the Act, because it is reasonably likely that as a result of the designation, the area will contribute to the retention or expansion of primary employment or will attract major investment in the reinvestment zone that would be a benefit to the property and that would contribute to the economic development of the City of Paris; and (e) That the reinvestment zone as defined in Exhibit "A" meets the criteria for the establishment, extension and re- designation of a reinvestment zone as set forth in the City of Paris Guidelines and Criteria for Tax Abatement. SECTION 3. Pursuant to Chapter 312 of the Property Redevelopment and Tax Abatement Act, the City Council of the City of Paris hereby creates a Reinvestment Zone encompassing the Turner Industries Plant Property in Paris, Texas for commercial and/or industrial tax abatement encompassing the area as described and depicted in Exhibit "A" which shall be known as Reinvestment Zone No. 2015 -2 of the City of Paris, Texas. SECTION 4. Reinvestment Zone No. 2015 -2 shall have an initial term of five years beginning with the effective date of this Ordinance and shall automatically renew for an additional five -year term following the expiration of the initial term. SECTION 5. To be eligible for tax abatement within City of Paris Reinvestment Zone No. 2015 -2, a project shall: (a) Meet the standards set forth in the City of Paris Guidelines and Criteria for Tax Abatement; (b) Be located wholly within the reinvestment zone as established herein; (c) Not include property that is owned or leased by a member of the City Council of the City of Paris or by a member of the City Planning and Zoning Commission; (d) Conform to the requirements of the City's Zoning Ordinance and all other applicable laws and regulations pertaining to commercial development. SECTION 6. All agreements for abatement of taxes within Reinvestment Zone No. 2015 -2 shall comply with Section 312.205 (a) of the Act. Page 2 of 3